New Delhi, Feb. 4 -- Unicorn India Ventures, an early-stage venture capital firm which has backed companies such as retail startup Daalchini, neo-banking firm Open and robotics startup Genrobotics, has marked the final close of its third fund topping its initial target.
The Mumbai-based VC firm, started by Bhaskar Majumdar and Anil Joshi in 2016, has collected Rs 1,200 crore ($132.73 million), it said in a LinkedIn post on Wednesday.
The firm launched the third fund in 2023 with an initial target of Rs 1,000 crore and made its first close at Rs 225 crore in September that year.
Unicorn India Ventures said it had received strong participation from domestic and global institutional investors
VCCircle reported last year the fund was nearing the final close. Founder and managing director Bhaskar Majumdar had told VCCircle that it planned to tap the greenshoe option of Rs 200 crore after receiving a "fairly good" response from its investors.
Unicorn India Ventures is a technology-focused early-stage venture fund that invests in startups in emerging sectors. Through the fund, the VC firm intends to back early-stage startups building in semiconductors, space-tech and AI infrastructure, sectors that it says "form the backbone of the next wave of technological innovation".
It had launched its second fund with a total corpus of Rs 300 crore in 2020. To date, it has invested in 20 companies from its second vehicle. It also has 15 other startups from its first fund. Some of its portfolio companies include Probus, Gamerji, Daalchini, Windo, and ForeignAdmits, among others.
The fund follows the strategy of being the first institutional investor, investing in startups from the pre-Series A round. It expects to build a portfolio of 20 startups, investing about Rs 10 crore each, in deep-tech sectors such as semiconductor, space technology, medical diagnostics, software-as-a-service and digital platforms.
"We will invest about 75-80% of the fund in deeptech and 20% opportunistically in other areas, which will be in digital India or the India Stack stories and maybe a couple of SaaS businesses," Majumdar said last year.
Published by HT Digital Content Services with permission from VC Circle.